Top 4 Stock Picks of Nelson Peltz’s Trian Partners

2. Comcast Corporation (NASDAQ:CMCSA)

Trian Partners’ Stake Value: $1,118,120,000

Percentage of Trian Partners’ 13F Portfolio: 13.90%

Number of Hedge Fund Holders: 75

Comcast Corporation (NASDAQ:CMCSA), a multinational telecommunications company, represents 13.9% of Trian Partners’ Q3 portfolio, with the firm owning 13.38 million shares in Comcast Corporation (NASDAQ:CMCSA), worth $1.11 billion. Loop Capital analyst Alan Gould assumed coverage of Comcast Corporation (NASDAQ:CMCSA) on November 22, and lowered the price target to $67 from $71, keeping a Buy rating on the shares.

Comcast Corporation (NASDAQ:CMCSA), on October 28, reported its Q3 results. EPS in the period came in at $0.87, beating estimates by $0.12. Revenue for the third quarter totaled $30.3 billion, outperforming estimates by almost $425 million. 

As of September this year, 75 hedge funds tracked by Insider Monkey were bullish on Comcast Corporation (NASDAQ:CMCSA), with a total stake value of $8.54 billion, down from 84 funds in the preceding quarter with stakes worth $9.3 billion. 

Jean-Marie Eveillard’s First Eagle Capital Management is the leading Comcast Corporation (NASDAQ:CMCSA) Q3 stakeholder, holding a $1.64 billion position in the company. 

Here is what ClearBridge Investments has to say about Comcast Corporation (NASDAQ:CMCSA) in its Q2 2021 investor letter:

“We funded the shift primarily with trims in Comcast following big gains in this name. Comcast is a long-term holding that has been and remains a core holding. During the quarter, however, we took gains and resized the positions to reflect their current risk-reward post strong increases in the stocks.

Comcast, like Blackstone, has been a meaningful long-term holding whose stock performance has at times lagged its robust fundamental performance. Over the last nine months the stock price caught up some with the fundamentals and looked like it had more room to run. Our thesis on the name evolved, however, following the May 17 announcement that competitor Discovery was merging its operations with Time Warner. This deal positions the new company as a credible competitor to Netflix, Amazon Prime, Hulu and Disney, and results in Comcast being left without the proverbial dance partner in the evolving pay TV/DTC landscape. While we continue to believe Comcast’s cable systems business is well-positioned and that NBCUniversal remains valuable, the competitive dynamic for NBCUniversal has stiffened. Our reduced position size reflects both our continued enthusiasm for many parts of the franchise and emerging concerns given the evolving pay TV/DTC landscape.”